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10 Best Public College Values, 2014

We rank Kiplinger's top 100 public colleges and universities based on measures of academic quality and affordability -- among them, low student-faculty ratios, high graduation rates, reasonable price tags and rich financial aid, including need-based aid (grants, not loans) for students who qualify. These ten schools are the cream of the crop of that already-elite list.

In 2014, tuition increases are slowing for in-state students at public colleges, but faltering financial aid means that the net price -- what students actually pay -- increased this year by almost 2%. But staying in-state remains an effective way to keep college costs down. The average total in-state cost this year, at $18,391, is nearly half the $31,701 price of studying out of state.

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Our rankings are based on in-state costs. These top 10 schools range from small colleges to immense flagship universities, but they have one thing in common: They all deliver the most academic bang for your buck. Take a look.

UNCis the only school on our list to meet 100% of financial need, slashing its $19,676 total cost to $6,454, on average, for students who qualify. This need-based aid is awarded as grants, not loans, to nearly 40% of UNC freshmen this year after need-based aid is applied. A 28% admission rate (the lower, the better) means that only the most competitive applicants gain entry. And most students graduate on time, with 77% completing their degrees in four years and 90% in six years.

When it comes to academic quality and affordability, UVA is a strong contender. Its $23,415 sticker price comes in above the national average of $18,391, but UVA charges $5,070 after need-based aid, the lowest cost in our top ten and below the average of $12,620. Among incoming freshmen, 37% score above 700 on the verbal SAT test and 48% score above 700 on the math exam. And if you don’t want to shell out for an extra year of tuition, this school is for you: It has the highest four and six-year graduation rates (at 87% and 93%) in our top 100. Graduates who borrowed head into the real world with an average debt of just over $21,000—relatively modest compared with the national average of $29,400.

At $16,863, the University of Florida has the lowest total in-state cost of our top ten. The cost after need-based aid is applied is $10,679, and students graduate with less than $20,000 in debt.

With more than 30,000 undergraduates, UF is the largest school in our top ten. Its 2,000-acre campus, with 900 buildings, is a hub for medical and scientific research, including the world’s largest citrus research center. Florida’s Bright Futures Scholarship program helps in-state students with good academic records cover tuition and fees.

The nation’s second-oldest college continues its tradition of excellent academics. Just 32% of applicants earn admission to this “public Ivy.” The 12-to-one student-faculty ratio is the lowest in our top ten.

William and Mary’s $26,285 total in-state cost drops to $13,436 after need-based aid. That’s a significant reduction from the sticker price but still the highest net cost in our top ten.

Located in the Westwood neighborhood of Los Angeles, UCLA offers more than 800 clubs and student organizations, plus 125 majors. Its location in a major city gives students the internship and work opportunities that a small college town can’t.

Applicants to UCLA face steep competition: The admission rate is a competitive 22%, second-lowest on our list. Need-based financial aid brings UCLA’s nearly $30,000 in-state price tag to $11,483; students who borrow graduate with just over $20,000 in debt, on average. That’s almost $10,000 less than the national average.

6. University of Michigan

UM has ascended our rankings over the past three years, thanks to limited cost increases and improving academics.

Michigan’s tuition is relatively high ($12,948 for in-state students, and $24,186 in total costs), but the 2014 tuition increase for residents was the smallest since 1985. The total cost after need-based aid has actually decreased since 2011, to $10,930. This year, the four-year graduation rate jumped three percentage points, to 76%.

Located along the Baltimore-Washington, D.C., corridor, Maryland’s flagship universitylands at number seven this year, its sixth consecutive year in the top ten. Its total cost falls below $20,000, and the net cost becomes $13,490, on average, after need-based aid is applied. Maryland’s low cost helps secure its spot in the top ten, but its academics are nothing to shrug off: The university admits fewer than half of its applicants, and its 18-to-one student-faculty ratio gives students plenty of face time with professors.

Get this: When it comes to what students actually pay, Madison costs less this year than last. The average cost after need-based aid for residents dropped to $12,636 from $13,430.

The city of Madison, with its masses of young people, political jobs at the state capitol and myriad tech start-ups, has become a midwestern magnet for Millennials. Maybe that, plus solid academics, helps explain why 95% of students stick around after freshman year.

Talk about competitive. Just 18% of applicants gain entry to Berkeley, the lowest admission rate on our list. Among the incoming freshmen, 36% scored more than 700 on the verbal SATs; 56% beat that score in the math portion.

Berkeley’s $29,280 is the highest in-state total cost in our top ten, but its average need-based aid brings it to a much more doable $12,651. Students who borrow graduate with less than $18,000 in average debt.

Georgia jumped five places in our rankings this year, thanks to improved test scores and a more competitive admission rate. It has one of the highest yields in our top ten: Nearly half of students who earn acceptance letters choose to enroll, and 94% stick around after the first year.

Financial aid is generous, cutting Georgia’s $20,424 total cost to less than $12,000 for in-state students. Students graduate with less than $20,000 in debt. Residents with stellar high school records can qualify for the Hope Scholarship, which covers a portion of tuition.